Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

SGD/JPY: buy target - 90.00

By: Dima Chernovolov

SGD/JPY broke strong resistance level 88.70

Next buy target - 90.00

SGD/JPY continues to rise after recently breaking the strong resistance level 88.70 (former strong support level which reversed the earlier intermediate correction (A) in December, which has been reversing the pair from the middle of January). The breakout of the resistance level 88.70 coincided with the breakout of the 38.2% Fibonacci Correction of the previous sharp intermediate impulse wave (5) from the middle of October. This double breakout should add to the bullish pressure on this pair in the nearest time.

SGD/JPY is set to rise further toward the next buy target at the round resistance level 90.00 (forecast price for the termination of impulse (3)). Buy stop-loss can be placed below 88.70.